21Shares Solana ETF is a U.S.-listed exchange-traded product structured as a trust that provides investors exposure to Solana (SOL) through publicly traded shares. The Trust issues and redeems shares in large “Baskets,” with proceeds from creations consisting of SOL that is held by custodians on behalf of the Trust. The shares trade on the Cboe BZX Exchange under the ticker TSOL (listed since November 18, 2025), allowing brokerage-based access to SOL price exposure without investors directly holding tokens. The Trust may stake a portion of its SOL (subject to sponsor determination and evolving tax guidance), which can generate additional SOL rewards and related tax considerations for shareholders.
| % | |
|---|---|
| Exchange-traded SOL exposure (TSOL shares) | 80% Publicly traded shares designed to reflect SOL exposure through a trust holding SOL. |
| Creation/redemption mechanism (Baskets funded in SOL) | 10% Primary-market issuance and redemption of shares in Baskets with deposits/withdrawals in SOL. |
| Staking-related activities (if implemented) | 10% Potential staking of a portion of SOL holdings to earn additional SOL rewards, subject to constraints and tax treatment. |
The Trust’s direct “customers” are investors who buy and sell TSOL shares on-exchange through broker-dealers, seeking...
Buy TSOL shares for simplified SOL exposure without managing wallets/keys, accepting SOL volatility and tax complexity.
Use TSOL for portfolio allocation, liquidity, and operationally simpler access versus direct token custody.
Create/redeem SOL-funded Baskets and provide liquidity, helping align market price with NAV.
The Trust is U.S.-listed and its shares trade on the Cboe BZX Exchange, making the United States the primary market for...
The Trust’s strategy is to maintain a straightforward, rules-based exposure to SOL by holding SOL in custody and...
Efficient creations/redemptions help keep TSOL price aligned with underlying SOL and reduce premiums/discounts.
Staking may improve returns but could jeopardize grantor trust status or create adverse shareholder tax outcomes.
The Trust’s primary economic risk is SOL price volatility, which directly drives the value of TSOL shares and can lead...
If activities are viewed as impermissible for grantor trust treatment, the Trust could be reclassified as a partnership or corporation, changing tax reporting and potentially imposing entity-level tax.
Staking rewards are expected to be ordinary income and SOL may be sold to pay expenses; shareholders may owe taxes even without sufficient cash distributions.
Trust Agreement provisions may limit shareholders’ ability to choose forum or obtain a favorable judicial venue for certain claims.
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: 11/08/2026